• The future of work has been a topic of much discussion, and our ability to track foot traffic data since September provides some answers.
The foot traffic to office buildings has stabilized at around 60% of pre-pandemic levels, indicating that we may be witnessing the emergence of a "new normal." This shift has been fueled by the rise of remote work and the need to strike a balance between the advantages of working remotely and the benefits of in-person collaboration.
To effectively adapt to this new work model, companies must invest in the appropriate tools and technologies that facilitate productivity and collaboration, regardless of where employees are working. Traditional office equipment such as desktop computers, printers, and landlines may no longer be sufficient in a hybrid work environment. Instead, organizations should focus on cloud-based solutions, video conferencing software, and collaboration platforms that enable seamless communication and teamwork, whether employees are working from home or in the office.
According to the Okta business at work report of 2023, companies are utilizing more applications than ever before to achieve their objectives. Their report indicates that businesses with at least 2,000 employees are at the forefront, with an average of 211 applications per company.
Moreover, organizations are incorporating best-of-breed applications, such as Slack, Zoom, and Box, in addition to productivity suites. For example, this year's report discloses that 48% of Okta's Microsoft 365 clients also deploy Zoom, and 42% use Google Workspace. It may sound counter to popular belief, but Google and Zoom have grown those numbers every year for the last five years.
Disclaimer: Not a recommendation to purchase or sell any securities mentioned. This is for educational purposes only.
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